掃碼下載APP
及時接收最新考試資訊及
備考信息
學習是一個不斷積累的過程,每天學習一點,每天進步一點!為了幫助大家更高效地備考2021年CFA考試,正保會計網校每日為大家上新CFA習題供大家練習。讓網校與您一起高效備考2021年CFA考試,夢想成真!
Questions 1:
A hedge fund with an initial value of $100 million has a management fee of 2% and an incentive fee of 20%. Management and incentive fees are calculated independently using end-of-period valuation. The value must reach the previous high-water mark before incentive fees are paid. The table below provides end-of-period fund values over the next three years.
The total amount of fees earned by the hedge fund in Year 3 is closest to:
A 、$4.8 million.
B、 $5.5 million.
C、 $5.9 million.
Questions 2:
An investor who has positions in multiple long–short equity hedge funds and is concerned about whether these positions are sufficiently diversified will mostly likely be concerned about the lack of:
A 、transparency in reported positions.
B 、frequent independent valuations.
C 、liquidity in the underlying assets.
A is correct. The incentive fee is based on the performance relative to the previous high-water mark after fees. Management fee: 2% of $125 million = $2.5 million Incentive fee: 20% of ($125 million – $113.6 million) = $2.28 million In total: $2.5 million + $2.28 million = $4.78 million
B is incorrect because the incentive fee is incorrectly based on the fund value before fees in the second year. Management fee: 2% of $125 million = $2.5 millionIncentive fee: 20% of ($125 million – $110 million) = $3 million In total: $2.5 million + $3 million = $5.5 million
C is incorrect because the incentive fee is incorrectly based on the fund value after fees in the second year. Management fee: 2% of $125 million = $2.5 million Incentive fee: 20% of ($125 million – $107.8 million) = $3.44 million In total: $2.5 million + $3.44 million = $5.94 million
A is correct. Long–short hedge funds invest in liquid, publicly traded equity (taking long and short positions); therefore, the underlying positions can be reversed easily and there is no need for independent valuations because current market prices are available. The investor will have difficulty in determining if the different funds are holding diverse or concentrated positions (both within each fund and between funds) because hedge funds generally do not reveal their holdings.
B is incorrect because these funds hold publicly traded securities with fresh market prices.
C is incorrect because these funds hold publicly traded securities that trade in liquid markets.
成功=時間+方法,自制力是這個等式的保障。世上無天才,高手都是來自刻苦的練習。而人們經常只看到“牛人”閃耀的成績,其成績背后無比寂寞的勤奮。小編相信,每天都在勤奮練習,即使是一點點的進步,大家一定可以成為人人稱贊的“牛人”。更多CFA考試資訊,點擊了解>
Copyright © 2000 - www.electedteal.com All Rights Reserved. 北京正保會計科技有限公司 版權所有
京B2-20200959 京ICP備20012371號-7 出版物經營許可證 京公網安備 11010802044457號
套餐D大額券
¥
去使用 主站蜘蛛池模板: 精品一区二区电影 | 操人视频免费 | 国产三级香港三韩国三级 | 欧美激情网站 | 久久久久久国产 | 99热在线播放 | 99久久精品毛片免费播放高清 | 日韩小视频 | 日韩精品中文字幕一区二区三区 | 中文字幕一区在线观看视频 | 91香蕉视频在线 | 亚洲一区二区三区四区五区六 | 欧美日韩国产一区二区在线观看 | 热久热久 | 亚洲精品久久久久久一区二区 | 性色av一区 | 国产成人在线免费观看 | 午夜激情视频在线观看 | 国产黄网| 99在线视频观看 | 蜜桃av鲁一鲁一鲁一鲁 | 91色乱码一区二区三区 | 国产精品一区二区三区不卡 | 青青青国产视频 | 日本视频不卡 | 999久久 | 久久小草| 日本久久中文字幕 | 在线播放国产一区二区三区 | 久久99精品久久久久久久青青日本 | 综合欧美一区二区三区 | 九九视频在线 | 亚洲精品99久久久久中文字幕 | 超碰999 | 在线免费成人 | 国产福利一区二区三区在线播放 | 精品在线一区二区三区 | 爱爱视频在线观看 | 免费黄色小片 | 亚洲精品在线观看网站 | 在线国产一区二区 |